Punjab National Bank (PNB) has reported a fraud of more than Rs 3,800 crore by Bhushan Power & Steel (BPSL) to the Reserve Bank of India (RBI). Bhushan Power & Steel misappropriated bank funds and manipulated its books of accounts to raise funds from consortium lender banks.
PNB is one of the oldest banks in India having a virtual presence in every important center of the country. The Bank caters to a wide variety of audience through spectrum of services including corporate and personal banking, industrial finance, agricultural finance and international finance.
